Ace Liberty & Stone - Interim Results
RNS Number : 0844N
Ace Liberty & Stone PLC
27 January 2016
 

 

 

 

Press Release

27 January 2016

 

Ace Liberty and Stone plc

 

('' Ace '' or "the Company'')

 

Interim Results

                                      

Ace Liberty and Stone Plc (ISDX: ASLP), the specialist real estate company, capitalising on commercial property investment opportunities across the UK, today announces its interim results for the period ended 31 October 2015.

 

Highlights

 

·    Turnover up 145% at £989,571 (2014: £404,494)

·    Profit before tax up 82% at £514,093 (2014: £281,791)

·   Total equity attributable to shareholders of the parent now amounts to £13,768,606 (2014:             £9,814,175)

·    Shildon House purchased January 2016

·    Hume House exchanged unconditional sales contract January 2016 for £3.55m

·   Portfolio as at 31 October 2014 valued at £20,164,428 (2014: £11,883,742) generating an annual rental income in excess of £2,261,000 (2014: £1,687,000)

 

Ismail Ghandour, Chief Executive of Ace Liberty & Stone, commented: "The Board is pleased with the continued growth of the Company as we remain committed to building shareholder value for Ace.  The Directors will continue to monitor market conditions carefully and seek out profitable investment opportunities in the increasingly competitive regional commercial property market."

 

- Ends -

 

 For further information, please contact:

Ace Liberty & Stone Plc

 

Ivan Minter, Finance Director

Tel: +44 (0)  20 7201 8340

 

http://acelibertyandstone.com

Alfred Henry Corporate Finance Ltd, ISDX Corporate Adviser

 

Jon Isaacs / Nick Michaels

Tel: +44 (0) 20 7251 3762

 

www.alfredhenry.com

Hybridan LLP, Corporate Broker

 

Claire Noyce / Darshan Patel 

Tel: +44 (0)203 764 2341

 

www.hybridan.com

     

 Media enquiries:

Abchurch Communications

 

Quincy Allan / Canace Wong

Tel: +44 (0) 20 7398 7700

quincy.allan@abchurch-group.com

www.abchurch-group.com

 

 

Notes to Editors

 

Ace Liberty & Stone Plc is a London-based property investment company with a diverse portfolio of properties located across the UK, currently including Leeds, Doncaster, Sunderland, Dudley and Gateshead Tyne and Wear. The Company locates commercial properties which have the potential for an increase in value through creative asset management activity, such as change of tenancy, change of use or new lease negotiation.  Ace has maintained a track record of generating strong profits at disposal of properties and achieving better-than average returns on capital. With strong support from shareholders and mortgage lenders, the Company is currently seeking further investment opportunities in the UK to create value for existing and new investors.

 

The London property market has seen considerable recovery since the 2008 financial crisis. However, in some UK regions smaller properties have begun to appreciate in value, and this trend is starting to appear amongst larger properties.

 

Ace is run by a board with extensive property experience, an excellent network of contacts and relevant professional qualifications. This sector expertise has allowed the Board to identify opportunities and act promptly to secure investments.

 

For more information on the Company please visit: http://acelibertyandstone.com/    

 

 

Chairman's statement

 

I am pleased to present the Company's interim results for the half year ended 31 October 2015. Turnover during the six month period increased by 144.6% to £989,571 (2014: £404,494) and the profit before tax for the period increased 82.4% £514,093 (2014: £281,791). These results show continued good progress and the Directors anticipate maintaining this trend.

 

The Board has identified the following KPIs as relevant to evaluating the Group's performance. These are regularly monitored to ensure the Company maintains its desired progress.

 

 

Six months ended 31 October 2015 (Unaudited)

Six months ended 31 October 2014 (Unaudited)

Year ended 30 April 2015 (Audited)

 

GBP

GBP

GBP

Value of Portfolio

                 20,164,428

                 11,883,742

                 23,964,428

Portfolio annual rental income

                    2,261,000

                    1,687,000

                    2,231,000

Total equity attributable to shareholders

                 13,768,606

                    9,814,175

                 12,410,366

Rental income per quarter

                        494,786

                        202,247

                        300,296

Profit after tax per quarter

                        205,637

                        111,296

                        189,756

 

On 30 October 2015, the Company completed the sale of its remaining holding in Telephone House at its valuation of £4,000,000. The proceedings from the transaction were reinvested in new properties after 31 October.  As a result cash in hand at 31 October 2015 has shown significant increase.

 

Ace has announced the purchase of Shildon House Gateshead for £1,825,000 and further acquisitions will be announced shortly.  These recent purchases reflect the Group's commitment to seeking out properties with good covenants, high yield and opportunities for capital appreciation in what is becoming an increasingly competitive market.

 

Within the last few days, Ace also announced the unconditional sale of Hume House for £3,550,000 with completion in December 2016. This property was acquired in March 2014 for £1,670,000.  Ace will continue to receive rental income from the property until completion of exchange.

 

The Company announced on 21 January the appointment of Hybridan as its corporate broker. This appointment is expected to result in increased activity in the trading of the Company's shares, which should be of benefit to all shareholders.

 

The Directors value the continued support of shareholders and note with satisfaction the additional share capital of £946,966 net of costs subscribed during the period; further announcements can be expected in the next few days. It is the Board's intention, subject to satisfactory trading results, to continue to pay a dividend at an increasing percentage.

 

 

Keith Pankhurst

Chairman

27 January 2016

 

 

 

 

Unaudited group statement of comprehensive income

for the six months ended 31 October 2015

 

 

Six months ended 31 October 2015 (Unaudited)

Six months ended 31 October 2014 (Unaudited)

Year ended 30 April 2015 (Audited)

 

£

£

£

 

 

 

 

Turnover

989,571

404,494

1,201,185

 

 

 

 

 

 

 

 

 

 

 

 

Administrative expenses

(481,825)

(386,479)

(887,425)

Fair value adjustment

200,000

350,000

1,186,983

Finance costs

(210,240)

(111,943)

(277,705)

Finance income

16,587

25,719

43,743

Share-based payment charge

-

-

(211,200)

 

 

 

 

Profit for the period

514,093

281,791

1,055,581

 

 

 

 

Taxation

(102,819)

(59,200)

(296,559)

 

 

 

 

Profit from continuing operations

411,274

222,591

759,022

 

 

 

 

Basic

0.074

                                 0.064

                                 0.177

Diluted

0.065

                                 0.063

                                 0.156

 

 

Unaudited group statement of financial position

at 31 October 2015

 

 

   Six months ended 31 October 2015 (Unaudited)  

   Six months ended 31 October 2014 (Unaudited)  

 Year ended 30 April 2015 (Audited)

 

  £ 

  £ 

  £ 

ASSETS

 

 

 

Non-current assets

 

 

 

Investment properties

20,164,428

11,883,742

23,964,428

 

 

 

 

Current assets

 

 

 

Trade and other receivables

364,257

666,365

128,301

Cash and cash equivalents

6,808,007

3,124,612

1,947,384

 

                    7,172,264

                    3,790,977

                    2,075,685

 

 

 

 

TOTAL ASSETS

                 27,336,692

                 15,674,719

                 26,040,113

 

 

 

 

EQUITY AND LIABILITIES

 

 

 

Current Liabilities

 

 

 

Trade and other payables

1,133,064

527,492

1,100,447

Borrowings

2,597,483

275,468

2,533,421

 

                    3,730,547

                        802,960

                    3,633,868

Non-current liabilities

 

 

 

Borrowings

7,855,564

3,344,216

8,052,269

Other payables

918,524

918,491

918,524

Deferred tax

467,254

141,012

364,435

 

                    9,241,342

                    4,403,719

                    9,335,228

EQUITY

 

 

 

Issued capital and reserves

 

 

 

Share capital

5,582,691

4,680,295

5,238,340

Share premium reserve

6,004,878

4,409,767

5,402,263

Share option reserve

479,180

267,980

479,180

Other reserve

462,500

-  

462,500

Retained earnings

1,239,357

456,133

828,083

Total equity attributable to owners of the parent

                 13,768,606

                    9,814,175

                 12,410,366

Non-controlling interests

596,197

653,865

660,651

 

14,364,803

10,468,040

13,071,017

 

 

 

 

TOTAL EQUITY AND LIABILITIES

                 27,336,692

                 15,674,719

                 26,040,113

 

 

Unaudited Group cash flow statement

for the six months ended 31 October 2015

 

 

   Six months ended 31 October 2015 (Unaudited)  

   Six months ended 31 October 2014 (Unaudited)  

 Year ended 30 April 2015 (Audited)

 

  £

  £ 

  £ 

Profit/(loss) before tax

514,093

281,791

1,055,581

Cash flow  from operating activities

 

 

 

Adjustments for:

 

 

 

Finance income

(16,587)

(25,719)

(43,743)

Share-based payment charge

-

                    -

211,200

Fair value adjustment

(200,000)

(350,000)

(1,186,983)

Decrease / (increase) in receivables

(235,956)

(226,108)

311,956

Increase / (decrease) in payables

190,312

(96,283)

349,847

Tax paid

 

 

(44,773)

Net cash (used)  by operating activities

251,862

(416,319)

653,085

Cash flows from investing activities

 

 

 

Interest received

16,587

25,719

43,743

Purchase of investment properties

-

(1,501,475)

(12,745,178)

Sale of investment properties

4,000,000

-

-

Net cash  (used) / generated by investing activities

4,016,587

(1,475,756)

(12,701,435)

Cash flows from financing activities

 

 

 

Share issue, net of issue costs

946,966

1,293,929

2,844,470

Payment for shares to be issued

-

-

462,500

Short term loans advanced

-

-

435,938

Long term loans advanced

-

701,637

7,702,500

Long term loan repaid

(132,643)

-

(470,795)

Equity dividend paid

(222,149)

(101,209)

(101,209)

Net cash generated by financing activities

592,174

1,894,357

10,873,404

Net (decrease) / increase in cash and cash equivalents

4,860,623

2,282

(1,174,946)

Cash and cash equivalents at the beginning of the period

1,947,384

3,122,330

3,122,330

Cash and cash equivalents at the end of the period

6,808,007

3,124,612

1,947,384

 

 

The interim financial information set out herein does not constitute full financial statements within the meaning of Section 240 of the Companies Act 1985. The unaudited Group results have been prepared under the historical cost convention, in accordance with the Companies Act 1985 and applicable accounting standards in the United Kingdom.

 

The interim report has been prepared using accounting policies consistent with those set out in the Company's Annual Report and Accounts for the period to 30 April 2015. Those financial statements were prepared on a going concern basis.

 

The interim report for the six months to 31 October 2015 was approved by the Board on 26 January 2016

 

The Directors of Ace Liberty & Stone Plc accept responsibility for this announcement.

 


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